Billionaire Steve Cohen reportedly is bracing for a bear market as early as 18 months from now as he sees the U.S. economy stalling.

"I'm not comfortable, I'm not uncomfortable, I'm somewhere in the middle," the Financial Times quoted Cohen as saying.

"I don't think returns over the next two years are going to be very good. If the market hangs in there, there's just going to be marginal returns," Cohen reportedly said at an event in New York.

A bear market is when the price of an investment falls over time. It is commonly defined as beginning after prices have fallen 20 percent or more from their 52-week high. 

To be sure, Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said there are bear markets in homebuilders, autos and banks, Reuters reported.

“We’re starting to see a real decline in home prices from the major areas. That’s going to be a growing narrative because of the lack of deductibility for property taxes and state taxes in many of the high-cost areas. In many areas, inventories of homes are piling up. It’s really going up at a real rapid rate,” he warned on an investor webcast on Tuesday.

Gundlach again raised red flags on the “suicide mission” the Federal Reserve has taken on with exploding deficits. Gundlach, who voted for President Donald Trump, said the driver of U.S. economic growth is deficit spending and borrowing from the future. “It is very bad that the deficit is rising” late in this economic cycle, he said.

Meanwhile, Cohen's new hedge fund Point72 raised about $5 billion from outside investors this year, CNBC.com said.

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